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AM Hx 2.2 vocab

big business

QuestionAnswer
corporation company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
monopoly exclusive possession or control of the supply of or trade in a commodity or service
cartel association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition
John D. Rockefeller American business magnate and philanthropist. He is widely considered the wealthiest American of all time, and the richest person in modern history. His fortune was made in petroleum
horizontal integration merger of companies at the same stage of production in the same or different industries
trust legal entity that acts as a fiduciary, agent, or trustee on behalf of a person or business for the purpose of administration, management, and the eventual transfer of assets to a beneficial party.
Andrew Carnegie industrialist and philanthropist who endowed education and public libraries and research trusts
Vertical integrarion combination in one company of two or more stages of production normally operated by separate companies.
Social darwinism Theory of social selection that attempts to explain the success of certain social groups, helped to propagate racist ideals and colonization
interstate commerce commission (ICC) former independent agency of the U.S. government charged with regulating the economics and services of specified carriers engaged in transportation between states
Sherman Anti trust act An act to protect trade and commerce against unlawful restraints and monopolies
Created by: A. Shearer
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